Abu Dhabi – Mubasher: Abu Dhabi investment firm Waha Capital on Wednesday said that its subsidiary Anglo Arabian Healthcare (AAH) has completed the sale of its total 93% stake in Proficiency Healthcare Diagnostics (PHD) to Al Borg Medical Laboratories.

In May 2017, Waha Capital announced that it would sell its stake in PHD for AED 184 million.

This pricing has helped the leading investment company achieve accounting gain of AED 94 million for the fourth quarter of 2017, the statement said.

AAH acquired about 70% of PHD in April 2013, increasing its stake to 93% that in return boosted its revenues and profit.

“The transaction crystalizes significant value creation achieved by Waha Capital and AAH. We look forward to delivering more success under AAH as we continue to expand the group’s scale in the premium and affordable care segments,” said Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital.

“The two companies are leaders in their respective markets and the combined company in the UAE, with a network of 12 laboratories, will be a clear market leader in the private independent laboratory space", Chairman of Al Borg Medical Laboratories Fawaz Al Bishri commented.